Ibec plans to wind up scheme

Business lobby group Ibec plans to wind up its existing defined- benefit pension scheme. The organisation, which employs 170 staff, said it has set out out a proposal to the pension trustees of the defined-benefit pension plans requesting that they be wound up.

It intends to start a formal 60-day consultation process with trustees and staff. There are currently 300 members of its defined-benefit plans.

The organisation is proposing that members who have already retired would continue to receive their pensions at the current level and members who have not yet retired (active and deferred), would see their benefits transfer to a defined-contribution plan.

This would be on the same terms as the defined-contribution plan that has been in operation in Ibec since 2004, when the defined-benefit plan was closed to new members.